GFH SUCCESSFULLY CONCLUDES OGM; Gains Shareholder Approval for Sukuk Programme

Press release

Published October 10th, 2024 - 06:33 GMT

Today, GFH has more than US$21 billion of assets and assets under management including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.

Manama, Bahrain – 09 October 2024: GFH Financial Group (“GFH” or “the Group”) today announced the successful conclusion of its Ordinary General Meeting (OGM), held with the live virtual participation of a 39.14% quorum of shareholders in addition to members of the Group’s Board, management and employees.

The OGM saw shareholders approve the minutes of the previous OGM held on 24 March 2024 and the Board of Directors’ recommendations to establish a trust certificate issuance programme (the “Sukuk Programme”) with a value of up to USD 500 million through a Special Purpose Vehicle (SPV), subject to obtaining the necessary regulatory or other approvals. Shareholders also approved the issuance of Sukuk amounting to USD 500 million in one or more tranches through the issuer SPV.

Also approved were the modifications to the terms and conditions of the existing USD 500 million Sukuk due in 2025, originally issued in two tranches in 2020. This includes the offer to early redeem the outstanding certificates. Shareholders also approved the delegation of powers to the Board of Directors (and their delegates to conduct the necessary procedures to carry out the Sukuk Programme and the Offer. This includes obtaining all necessary approvals, including from the concerned regulators, concluding agreements, and performing any actions deemed essential by the Board in accordance with the mentioned agreements in relation to the Sukuk Programme and the Offer.

Background Information

GFH Financial Group

GFH is a well renowned financial group in the GCC region, with a diversified offering and pioneering track record. Headquartered in Bahrain, GFH’s innovative approach to Islamic investment banking services has been recognised internationally for over a decade. GFH has developed a strong and consistent ability to identify, successfully bring to market and capitalise on a wide range of solid investment opportunities in some of the world’s most dynamic markets and sectors. This approach signifies the Group’s investment insights and commitment to increase the value of its assets, and financial returns to its investors and shareholders.